Investment Rating - The report maintains an "Accumulate" rating for the utility sector [1] Core Insights - The Jilin Green Power Direct Connection Project is under public consultation, aiming for a minimum of 30% self-consumed electricity by 2030, increasing to 35% for new projects [4][6] - The State Grid has announced a fixed asset investment of 4 trillion yuan for the 14th Five-Year Plan, a 40% increase from the previous plan, focusing on green energy transition [4][6] - The average electricity purchase price in January 2026 decreased by 8% year-on-year [4][38] - The price of thermal coal at Qinhuangdao port was 695 yuan per ton as of February 6, 2026, a year-on-year decrease of 7.70% [4][46] - The inflow to the Three Gorges Reservoir increased by 65.3% year-on-year, while the outflow decreased by 5.3% [4][54] Industry Data Tracking Electricity Consumption - Total electricity consumption in 2025 was 10.37 trillion kWh, a year-on-year increase of 5.0% [4][13] - The growth rates for different sectors were: primary industry +9.9%, secondary industry +3.7%, tertiary industry +8.2%, and urban-rural residential +6.3% [4][13] Power Generation - Total power generation in 2025 was 9.72 trillion kWh, a year-on-year increase of 2.2% [4][20] - The growth rates for different power sources were: thermal power -1.0%, hydropower +2.8%, nuclear power +7.7%, wind power +9.7%, and solar power +24.4% [4][20] Installed Capacity - New installed capacity in 2025 included: thermal power +94.5 million kW (up 63.8%), hydropower +12.15 million kW (down 11.9%), nuclear power +1.53 million kW, wind power +120.48 million kW (up 50.9%), and solar power +317.51 million kW (up 14.2%) [4][58] Investment Recommendations - For green power, focus on companies like Longyuan Power, Zhongmin Energy, and Three Gorges Energy, with a strong recommendation for Longjing Environmental Protection [4] - For thermal power, consider Huaneng International and Huadian International [4] - For hydropower, Longjiang Power is highlighted due to its low cost and strong cash flow [4] - For nuclear power, China National Nuclear Power and China General Nuclear Power are recommended due to their growth potential [4] - For solar assets and charging pile assets, companies like Southern Power Grid Energy and Longxin Technology are suggested [4]

Investment Rating - The report maintains a positive outlook on the carbon trading market and related sectors, indicating a favorable investment environment for companies involved in power generation and environmental protection [2][9]. Core Insights - The carbon market in China is expanding, with a cumulative trading volume of 865 million tons and a total transaction value of 57.663 billion yuan as of December 31, 2025. The trading volume for the year increased by approximately 24% year-on-year, although the average transaction price fell by 19.23% to 62.36 yuan per ton [2][6]. - The report highlights the government's commitment to carbon reduction, transitioning from energy control to carbon control, which is expected to create investment opportunities in the environmental sector [9]. - Natural gas prices have decreased due to a combination of supply-demand dynamics and seasonal factors, with significant price drops observed in various markets, including a 39.20% decrease in the Henry Hub spot price [2][12]. Summary by Sections 1. Power Sector - The carbon trading market is projected to continue expanding, with key emission units increasing awareness of carbon reduction. The number of units under management reached 3,378, with significant representation from the power, steel, cement, and aluminum industries [2][6]. - Recommendations for investment include companies with stable revenue sources such as Guodian Power, Inner Mongolia Huadian, and China Huaneng, which benefit from diversified income streams [9][11]. 2. Natural Gas Sector - Natural gas prices have seen a significant decline, with the Henry Hub spot price at $4.37/mmBtu, reflecting a 39.20% week-on-week drop. The report notes that the supply-demand balance is improving, contributing to this price decrease [2][12]. - Investment recommendations include companies like Kunlun Energy and New Hope Energy, which are expected to benefit from lower upstream resource costs and improved sales volumes [34][35]. 3. Market Performance Review - The report indicates that the power equipment and gas sectors outperformed the broader market during the review period from February 2 to February 6, 2026 [37]. 4. Company and Industry Dynamics - Recent regulatory updates include the National Development and Reform Commission's notification on improving the capacity pricing mechanism for coal and gas power generation, which aims to enhance revenue recovery for power plants [39][40]. - Key company announcements include performance forecasts from major players like Datang Power and Shanghai Electric, indicating significant year-on-year profit growth [41]. 5. Valuation Tables - The report provides valuation metrics for key companies in the utility sector, with several companies rated as "Buy," indicating strong growth potential and favorable market conditions [43][44].

Investment Rating - The report rates the public utility industry as "Overweight" for 2025, indicating a positive outlook compared to the overall market performance [1]. Core Insights - The report highlights that the cost pressures from coal and natural gas prices are easing, which is expected to improve the profit margins for power generation companies. The implementation of capacity pricing is stabilizing revenues, allowing for a diversified income model for thermal power companies [3]. - Hydropower is projected to benefit from improved water conditions in the second half of 2025, leading to stable growth in electricity generation. The reduction in financial costs due to interest rate cuts is also expected to enhance profitability [3]. - Nuclear power utilization hours are expected to remain high, but the decline in market electricity prices may negatively impact earnings. The approval of new nuclear projects is anticipated to support long-term growth [3]. - Renewable energy, particularly wind and solar, is expected to continue its high growth trajectory, supported by favorable investment mechanisms and stable returns from existing projects [3]. - The natural gas sector is poised for profitability improvements due to declining costs and a recovery in demand from commercial users [3]. Summary by Sections Thermal Power - Coal prices are expected to decline initially and then rebound, with an average price of 697 RMB/ton for 2025, down 18.47% year-on-year. The average price in Q2 2025 is projected to be 632 RMB/ton, a 12.36% decrease quarter-on-quarter and a 25.5% decrease year-on-year. The implementation of capacity pricing is expected to stabilize revenues for thermal power companies [3]. Hydropower - The utilization hours for hydropower are projected to be 3367 hours in 2025, an increase of 12 hours year-on-year. The first half of the year is expected to see lower water levels, while the second half will benefit from improved conditions, particularly in Q4 [3]. Nuclear Power - The utilization hours for nuclear power are expected to reach 7809 hours in 2025, an increase of 126 hours year-on-year. However, the decline in market electricity prices may negatively impact earnings [3]. Renewable Energy - By the end of September 2025, the total installed capacity for wind and solar energy is expected to reach 1.7 billion kW, with annual additions of 15-18.9 million kW needed to meet the 2035 target of 3.6 billion kW [3]. Natural Gas - The report anticipates a recovery in sales volume for natural gas companies in Q4 2025, driven by lower costs and improved demand from commercial sectors [3]. Company Performance Forecast - The report provides a detailed forecast for key companies in the public utility sector, indicating varying growth rates across different segments, with some companies expected to see significant profit growth while others may experience declines [4][5]. Investment Recommendations - The report recommends several companies across different segments, including thermal power, hydropower, nuclear power, renewable energy, and natural gas, highlighting those with strong growth potential and stable earnings [3].

Investment Rating - The report maintains a "Positive" investment rating for the utility sector, indicating a favorable outlook for investment opportunities in this industry [7]. Core Insights - Electricity demand is expected to grow steadily, while the growth rate of new energy installations is anticipated to slow down. The China Electricity Council predicts that the national electricity consumption for 2026 will be between 10.9 to 11.0 trillion kilowatt-hours, representing a year-on-year increase of 5% to 6% [7]. - The report highlights that the overall balance of electricity supply and demand in 2026 is expected to improve, with a reduction in the risk of electricity shortages. The growth rate of new energy installations is projected to decelerate [7]. - The report suggests that the performance expectations for the utility sector have reached a low point, making low-priced utility assets worth considering for investment [7]. Summary by Sections Electricity Demand and Supply - The report forecasts that the total installed power generation capacity will exceed 400 million kilowatts in 2026, with new energy installations expected to surpass 300 million kilowatts [7]. - The electricity supply-demand situation is projected to be generally balanced, with some regions experiencing tighter balances during peak summer and winter periods [7]. Coal Prices and Inventory - Port coal prices have seen a slight increase, while inventory levels have decreased. The report notes that the port coal price for Q5500 grade coal was 695 RMB/ton, reflecting a week-on-week increase of 0.4% [19]. - The report indicates that coal inventory at major ports has decreased by 5.5% week-on-week, with power plant coal consumption also declining by 12% [28]. Performance of Utility Sector - The utility sector index outperformed the broader market indices, with a 0.2% increase compared to a 1.3% decline in the CSI 300 index [38]. - The report identifies specific stocks within the utility sector that are recommended for investment, including JianTou Energy and Huadian International, among others [7]. Water Resource Management - The report notes a slight decrease in the outflow from the Three Gorges Reservoir, with the average outflow for the week being 8,091 cubic meters per second, which is a 9.8% decrease week-on-week [31].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 CGN Power Co., Ltd.* 中國廣核電力股份有限公司 （在中華人民共和國註冊成立的股份有限公司） （股份代號：1816） 於本公告日期，本公司董事會成員包括執行董事為龐松濤先生；非執行董事為楊 長利先生、李歷女士、馮堅先生及劉煥冰先生；獨立非執行董事為王鳴峰先生、 李馥友先生及徐華女士。 海外監管公告 本公告由中國廣核電力股份有限公司（「本公司」）根據香港聯合交易所有限公司證 券上市規則第13.10B條作出。 以下為本公司於深圳證券交易所網站發佈之《華泰聯合證券有限責任公司關於中 國廣核電力股份有限公司2025年度持續督導培訓情況報告》和《華泰聯合證券有限 責任公司關於中國廣核電力股份有限公司2025年現場檢查報告》，僅供參閱。 承董事會命 中國廣核電力股份有限公司 尹恩剛 財務總監、聯席公司秘書及董事會秘書 中國，2026年2月6日 * 僅供識別 培训情况报告 华泰联合证券有限责任公司关 ...

现场检查报告 华泰联合证券有限责任公司 关于中国广核电力股份有限公司 2025 年现场检查报告 根据中国证监会《证券发行上市保荐业务管理办法》和《深圳证券交易所上 市公司自律监管指引第 13 号——保荐业务》等有关法律法规的要求，华泰联合 证券有限责任公司作为中国广核电力股份有限公司（以下简称"中国广核"或"公 司"）向不特定对象发行 A 股可转换公司债券的保荐人，于 2026 年 1 月 27 日至 1 月 28 日对中国广核电力股份有限公司 2025 年有关情况进行了现场检查，报告 如下： | 保荐人名称：华泰联合证券有限责任公司 被保荐公司简称：中国广核 | | | --- | --- | | 保荐代表人姓名：吉余道 联系电话：010-56839300 | | | 联系电话：010-56839300 | 保荐代表人姓名：吴昊 | | 现场检查人员姓名：吉余道、吴昊、邹琳 | | | 年度 现场检查对应期间：2025 | | | 年 1 月 27 日-2026 年 1 月 28 日 | 现场检查时间：2026 | | 现场检查意见 | 一、现场检查事项 | | 是 否 不适用 | （一）公司治理 | | ...

华泰联合证券有限责任公司（以下简称"华泰联合证券"、"保荐机构"）作为 中国广核电力股份有限公司（以下简称"中国广核"、"公司"）向不特定对象发行 A 股可转换公司债券的保荐机构，根据《深圳证券交易所上市公司自律监管指引 第 13 号——保荐业务》《深圳证券交易所股票上市规则》和《深圳证券交易所上 市公司自律监管指引第 1 号——主板上市公司规范运作》等法规和规则的相关规 定以及中国广核的实际情况，认真履行保荐机构应尽的职责，对中国广核的董事、 高级管理人员、中层以上管理人员及上市公司控股股东和实际控制人等相关人员 进行了有计划、多层次的 2025 年度持续督导培训，所培训的内容严格按照中国 证券监督管理委员会及深圳证券交易所有关持续督导的最新要求进行。 培训情况报告 华泰联合证券有限责任公司关于 中国广核电力股份有限公司 2025 年度持续督导培训情况报告 深圳证券交易所： 一、培训的主要内容 2026 年 1 月 27 日，培训小组通过采取现场培训与发送学习资料自学相结合 的方式对公司董事、高级管理人员、中层以上管理人员及上市公司控股股东和实 际控制人等相关人员进行了培训。本次培训重点介绍了募集资金使用规 ...

证券研究报告 | 2026年02月03日 2026年02月04日 2026年02月05日 公用环保行业 2026 年 2 月投资策略 优于大市 两部门发文完善发电侧容量电价机制，公用环保行业 25Q4 基金持仓梳理 市场回顾：本月沪深 300 指数上涨 1.65%，公用事业指数上涨 3.19%，环 保指数上涨 5.94%，月相对收益率分别为 1.54%和 4.29%。申万 31 个一 级行业分类板块中，公用事业及环保涨幅处于第 21 和第 13 名。电力板 块子板块中，火电上涨 2.60%；水电下跌 1.65%，新能源发电上涨 7.23%； 水务板块上涨 3.96%；燃气板块上涨 7.48%。 重要事件：两部门发文完善发电侧容量电价机制。国家发展改革委和国家能 源局于 2026 年 1 月 30 日联合发布《关于完善发电侧容量电价机制的通知》， 明确电力现货市场连续运行后，有序建立发电侧可靠容量补偿机制，对机组 可靠容量根据顶峰能力按统一原则进行补偿，公平反映不同机组对电力系统 顶峰贡献。各地按照《关于建立煤电容量电价机制的通知》（发改价格〔2023〕 1501 号）要求，将通过容量电价回收煤电机组固定成本的 ...

债券代码：127110 债券简称：广核转债 中国广核电力股份有限公司 境内同步披露公告 公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 中国广核电力股份有限公司根据《香港联合交易所有限公司证券上市规则》 规定， 于 2026 年 2 月 4 日 在 香 港 联 合 交 易 所 有 限 公 司 披 露 易 网 站 （www.hkexnews.hk）刊登了《截至二零二六年一月三十一日止股份发行人的证 券变动月报表》。 根据《深圳证券交易所股票上市规则（2025 年修订）》第 11.2.1 条关于境内 外同步披露的要求，特将有关公告同步披露如下，供参阅。 特此公告。 中国广核电力股份有限公司董事会 2026 年 2 月 4 日 | | | FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國廣核電力股份有限公司 呈交日期: 2026年2月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國廣核電力股份有限公司 呈交日期: 2026年2月4日 第 1 頁 共 11 頁 v 1.2.0 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01816 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 11,163,625,000 | RMB | | 1 | RMB | | 11,163,625,000 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 11,163,625,000 | RMB | | | 1 R ...